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Learn about investing in fixed income today. First Sentier Investors' on-the-ground teams share investment ideas uncovered in developed & emerging markets.

Asian fixed income is not just about the asset class, but the experience of the people investing in the asset class. Being on the ground in Asia since 1999, we believe we can deliver a more in-depth view of the many complexities of the region.

Check the latest First Sentier Investors fund price and fund performance, keep track of funds performance and trends to help investment selections.

Discover Asian fixed-income investing today. Emerging Asian markets have the potential for strong returns, consistent income & diversification benefits.

As COVID-19 wreaks havoc on lived and financial markets, we check in with our veteran High Yield Fixed Income team to learn which industries are being most affected, where there are opportunities and why High Yield may be considered 'cheap' right now.

A diverse range of global, regional and sector-based equity, cash and fixed income, infrastructure, property and alternative credit investment strategies and funds.

We consider ESG risks to be factors that may place business value at risk. Companies at risk are identified using both external providers and our own internally driven research, which is based on a systematic and extensive company meeting program.

Global asset management group focused on providing high quality, long-term investment capabilities to clients. We bring together independent teams of active, specialist investors who share a common commitment to responsible investment principles.

Discover emerging market equities, offering a global opportunity set with the on-the-ground research and skill of specialist emerging markets investors.

Head of Asian Fixed Income, Nigel Foo provides an outlook into 2025 for the strategy.

Read regular news updates, research papers, investment strategy updates and thought pieces from our leading investment experts.

First State Investments’ High Yield Group recently passed the 3-year performance anniversary. Our current High Yield Strategies are long-only corporate credit, with no leverage and no derivatives.

As the dust finally settles on what was a much closer election than many people had expected, investors are now deciphering what a Biden administration means for the economy, international relations and implications for financial markets.

Learn how we are embedding a culture of responsible investment stewardship to ensure better outcomes both financially and for society in general.

Following the economic and market malaise in February and March, high yield and risk assets generally experienced five straight months of strong performance, only to pull back in September. With a coordinated push from central banks in the form of zero rates and $3 trillion in QE the markets rebounded sharply from their lows in March with the equity markets, as measured by the S&P 500, posting a second quarter return of +20.54%, followed by a +8.93% return in the third quarter. The renewed confidence in the US economy because of Fed stimulus and general improved understanding and combating of COVID-19 helped to propel risk assets higher. In September that sentiment reversed course. Growing concerns surrounding a second COVID-19 wave in the US combined with the upcoming flu season, questions about when another US stimulus deal is approved, and the uncertainty around the US election outcome all added to uncertainty that weighed on the markets as the third quarter closed.

2024 was a year marked by global inflation and economic growth concerns against a backdrop of worldwide elections. As we head into 2025, volatility will remain an enduring constant.

As it turns out, the first half of 2018 was challenging for many financial markets in general, and many fixed income markets in particular.

Vaccine rollouts and government stimulus have led to expectations of higher economic growth, inflation and interest rates. This has put pressure on listed infrastructure returns with the asset class significantly underperforming global equities over the past 12 months. But with over 70% of the investible universe able to pass through the cost of inflation to consumers, are these fears overblown? Global Listed Infrastructure Portfolio Manager Trent Koch explains why inflation can be positive for many infrastructure assets and how market uncertainty has created a compelling investment case for the asset class.

As the Italian coalition government submit their 2019 Draft Budgetary Plan to the EU Commission, we explore what the new measures mean for the country's credit ratings and the outlook for Italian Bonds.

Curious? Come join us for a US election roundtable and hear our New York based Direct Infrastructure and High Yield Teams share their insights about the upcoming election and how it could impact healthcare, energy, global trade and more. Presenting from our Direct Infrastructure team is John Ma, Head and Director of Investments in North America of Unlisted Infrastructure and from our High Yield Team is Jason Epstein, the Co-Head of High Yield.

In this Q2 2019 Quarterly Update we review the increasingly dovish attitudes adopted by central banks and the “whatever it takes” commitment to monetary stimulus, the general high yield market, our portfolio positioning and the top contributors and detractors from our five High Yield Fixed Income Strategies.

2024 was a good year for global listed infrastructure. Strong earnings for energy midstream and a step-change in the earnings growth outlook for utilities helped the asset class to shrug off rising bond yields and political uncertainty.

Global listed infrastructure companies outperformed both global equities and bonds in 2022. We believe the financial and economic factors contributing to this outperformance may remain in play in 2023.

As we return to the skies for that first face-to-face meeting, reuniting with family or taking that well-deserved holiday, the airports we pass through will be markedly different to what we knew before.

The outlook for the global economy and financial markets looks more uncertain today than it has for a long time. Both interest rates and inflation have risen sharply. There is a growing consensus that much of the world will shortly be experiencing slowing economic growth. Understandably, investors are asking what their options are. With a wide array of asset classes available, which are best placed to offer investors resilience in the current environment, but also sustainable investment opportunities?

The first quarter was extreme in the scale and magnitude of financial market volatility, particularly over the last six weeks of 1Q’20. A dramatic, global economic slowdown resulted from the unprecedented global quarantine of entire populations, in most developed countries, in response to the COVID-19 disease, which is widely deemed a deadly, viral pandemic.

Global listed infrastructure underperformed in 2023 owing to rising interest rates and a shift away from defensive assets. Relative valuations are now at compelling levels. Infrastructure assets are expected to see earnings growth in 2024 and beyond, aided by structural growth drivers.

Consider listing property as part of real asset portfolios for long-term returns, liquidity, and inflationary hedge. This article explores these factors and emphasizes the investment potential of listed property as a complement to real asset portfolios.

The COVID-19 pandemic had a dramatic effect on the market in early 2020. Within days of US stocks hitting an all-time high in February, US equity indices began a one-month, 30-40% sell-off, US high grade corporate spreads tripled, and high yield spreads briefly pierced +1000 bp spread-to-worst (STW). In response, the Fed slashed rates to zero, and the Fed’s latest $3 trillion of Quantitative Easing (QE) resulted in an adrenalin shot increase in Fed Credit of $2.5 trillion. This rush of new money led US stocks to recoup most of their losses, or in the case of the Nasdaq 100, hit new highs. However, the global economy remains at a point of heightened/unchartered economic uncertainty. COVID-19 remains a significant unknown, social unrest and political uncertainty are high and the restart of the global economy a wholly new phenomenon.

First Sentier Investors is a global fund manager with experience across a range of asset classes and specialist investment sectors. We are stewards of assets managed on behalf of institutional investors, pension funds, wholesale distributors, investment platforms, financial advisers and their clients worldwide.

Leading global investment manager, First State Investments today announced the completion of its sale from Commonwealth Bank of Australia to Mitsubishi UFJ Trust and Banking Corporation, a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG), for US$2.7 billion.

The U.S. High Yield market, as represented by the ICE BofAML US High Yield Constrained Index (HUC0) posted a +1.22% total return during Q3’19, on the heels of the particularly strong, +10.16% total return of 1H’19.

In September 2023, I met more than 30 global listed infrastructure companies and stakeholders from the UK, Europe and China. The following travel diary summarises my impressions and findings from these meetings.

The U.S. High Yield market, as represented by the ICE BofAML US High Yield Constrained Index (HUC0) posted a +2.6% Q4’19 total return (‘TR’), and a +14.4% total return for the full-year 2019. The strong 2019 represented the fourth best annual return since the post-GFC recovery in 2009; modestly trailing the +17.5%, +15.6% and +15.1% total returns of 2016, 2012 and 2010, respectively.

Last quarter I visited infrastructure companies in Tokyo, Osaka and Nagoya. The trip included visits to ten corporate head offices and three site tours. This paper seeks to share some of the key findings from my meetings with Japanese passenger rail and utility companies.

In general, global corporate bonds posted positive total returns during the third quarter of 2018.

Concentration in equity markets has reached unprecedented levels, particularly in the United States. A select few mega-cap stocks, colloquially referred to as the "Magnificent 7," now dominate market indices, reflecting a convergence of technological innovation, speculative enthusiasm, and the allure of generative AI.

In general, global corporate bonds posted positive total returns during the third quarter of 2018.

Global city populations continue to grow, driven by urbanisation. The provision of housing for growing populations is a major challenge for many countries and cities. Adequate housing is a factor that influences a city’s mobility of labour, social wellbeing and commerce levels. Government housing policies are typically viewed holistically with policies covering social, private and rental housing. New supply is not always efficient and can be problematic particularly in densely populated cities.

With Initial Public Offerings in India consistently oversubscribed and valuations peaking, the team discuss their five largest holdings and why now is not the time to sell.

In general, global corporate bonds posted positive total returns during the third quarter of 2018.

The latest instalment of our Travel Diary series comes from Andrew Greenup, who recently spent time in Brazil visiting infrastructure companies, assets, regulators and government bodies.